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Adjustable Rate Mortgage
A mortgage loan that has an interest rate that can change. The rate could go up or down, depending on many factors. Some loans allow you to choose a period of time during which the rate will be adjustable and during which the rate will be fixed.
A term that means how long it will take to pay off a loan in full. Lenders consider the amortization of your loan when they decide whether or not approve you. Almost no one ever fully amortizes their loan since refinancing and reselling are so popular.Click here to use the Amortization Calculator.
A term used to represent the percentage relationship of the total finance charge to the amount of the loan. The APR reflects the cost of your mortgage loan as a yearly rate. It will be higher than the interest rate stated on the note because it includes, in addition to the interest rate, loan discount points, fees and mortgage insurance.
A report made by a qualified person setting forth an opinion or estimate of property value. The term also refers to the process by which this estimate is obtained.
A charge against a property for purposes of taxation. This may take the form of a levy for a special purpose or a tax in which the property owner pays a share of the cost of community improvements according to the value of his or her property.
